The International Monetary Fund has revised Zimbabwe’s 2020 economic growth forecast which it had initially placed at 2.7% down to 0.8%, The Zimbabwean reports.
The global money lender cited the growing socio-economic problems Zimbabwe is facing as its reason for the forecast downgrade.
A report by the IMF on Zimbabwe said:
With another poor harvest expected, growth in 2020 is projected at near zero, with food shortages continuing
..there was a need to address governance and corruption challenges, entrenched vested interests, and enforcement of the rule of law to improve the business climate and support private sector-led inclusive growth.
Such efforts would be instrumental to advance re-engagement efforts with the international community and mobilise the needed support,
Zimbabwe is going through a dire economic meltdown that has seen inflation soar to over 450% for the first time since 2008.
More: The Zimbabwean